Social Security is looking dim

[dug_less]

Looks like the Covid virus has hit SSI funding pretty hard. You can find the article here: https://reason.com/2020/04/24/social...d-19-pandemic/

[LeeAnn]

I didn't read the article yet but I will. I have an immediate comment though. Someone on this forum thinks the government released the virus. He didn't say why but it sure cuts down on the future outlays for SS. Kill everyone over 65 and watch the SS payments decrease. I am a boomer and my kids tell me SS will be empty when its their turn. Its just natures way of culling the herd right?

After reading it I guess it all depends on what one choses to read. I just wonder who is paying all those hospital bills.


(I am in a rotten mood today so this is a warning --read my posts at your own risk)

[Westend]

I was told that I would never be able to get SS and now I am getting $2,300.00 a month from SS. I also have always been a saver so with SS, a pension and savings I am good. If it does go under then I will improvise and get through it. But for now SS is the gravy on my potato's.

[dug_less]

I was told that I would never be able to get SS and now I am getting $2,300.00 a month from SS. I also have always been a saver so with SS, a pension and savings I am good. If it does go under then I will improvise and get through it. But for now SS is the gravy on my potato's.

My father worked and retired from Bell Telephone back in the 80's. His health benefits are better in his retirement than I could ever obtain as a working man. His current overall deductible is $500.00, and his copays apply to the deductible. As he is getting older (85), he has frequent trips to the hospital for AFIB and his kidneys are failing. I have no idea how I'm going to afford medical care when I retire. Right now I'm just trying to enjoy my time with my father until he passes on. He has maybe 2 years left assuming he doesn't have a massive stroke.

[Westend]

Let that be a lesson for everyone. Start saving young or no matter how old you are. Just start now. Even if you don't think that you can afford it.

I started putting away $15.00 every 2 week pay period when I first started working full time at the age of 18. Every time I got a raise I put at least 1/4th of that raise into my 401K each pay period. That is $.50 divided by 4 = 12.5 cents X 80 hours. That equals an additional $10.00 per pay period.

I kept doing this every time I got a raise and every time I moved to a different job I transferred my 401k to my new employer. Unfortunately I did not get a employer match with my 401K's but it still added up over my 40 year working career to a pretty fair amount before I retired.

A person who does not want to be broke in old age must start thinking long term and sacrifice maybe getting that boat, hot cars or jet skis. I have never bought life insurance because that is betting that you will die young. Instead I invested that money by betting that I would live well beyond retirement age. Guess who won?

I tried to teach that philosophy to all of my friends and co-workers with mostly no success. They laughed at me while showing me their new boat or whatever and some now hate me because I am not broke like they are now that they are older. The ones that id save some usually took money out of their 401k's as soon as they ran short on money. That is a very stupid thing to do. Short term gain, long term failure.

However old you are, today is a good time to start saving. It does add up and grows faster than you realize if you just keep putting a little away each month.

If I help one person then I have done my job. Good Luck

[LeeAnn]

Or you can be fortunate enough to be born to a father who thinks like Westend, works really hard ,and then makes some lucky good choices all the while you are working hard in public education and end up with a good pension. @dug-less enjoy your last few years with your dad. I would give up quite a bit of that security for a few more with mine.

[dug_less]

@LeeAnn , You are very correct. I visit quite often, he's only and hour away from me. My father, despite health issues we all get with age, has been blessed with spending a longer retirement than he worked for Bell Telephone. Not many people are able to pull that off. He still gets around well, and is enjoying the time he has left.